GBPUSD 1.2780 resistance

The British pound has staged a recovery above the 1.2700 level against the US dollar, as the greenback continues to weaken across the board. GBPUSD buyers are back in control and may attempt to make a new monthly trading high, around the 1.2780 level. Overall, the GBPUSD pair is expected to trade in a wide short-term trading range between the 1.2640 and 1.2780 levels.

• If the GBPUSD pair trades above the 1.2685 level, key resistance is found at the 1.2780 and 1.2840 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2685 level, key support is found at the 1.2640 and 1.2500 levels.